MM's and Hedgies trying very hard to hold the price down.
They sell short all day long, then cover in a block trade all shares they sold short.
Watch for the block trade between 20,000 and 50,000 shares at around 3:59pm and 4:00 pm.
Usually it is the last registered normal hour trade.
If you look at the daily short volume which is posted every day, you can see that on a typical or low volume day the short volume is close to 50% of trades. This tells me that SQNM is in actuality a VERY THINLY traded stock since most of the volume is back and forth, 100 share lots, long and short. The bulk of this trading can be attributed to HFT's, MM's, & options MM's; who are all obligated to meet minimum volume standards in order to provide liquidity and price discovery. In the wings you've got those running algorithms that know when to hit the bid/ask with a barrage of 100 lot trades in order to create a trend change and either lift or drop the pps. In the absence of any company news, it takes very little money to swing the price of this stock. With options expiration approaching on Friday, it didn't surprise me to see pps pushed below $4, which allows for a little bit of wiggle room for the options MM who wants to see a $4 or below close on Fri so all those calls (that were bought as insurance against a favorable injunction ruling) expire worthless. By Fri we should probably be back close to $4, and then probably a bit of a rebound on Monday after OE.